November Market Update

By: Mark Stern, BA | Keith Myrick

November Market Update

Tags: November Market Update

November 2022   Despite another rate hike from the Bank of Canada, activity remained similar to last month with 4,961 sales taking place, and homes available for sale staying around the 13,000 mark. This shortage of homes kept the average price stable, similar to last month, at $1,089,428, and is 9.9% higher than the end of 2021.    The Bank of Canada’s most recent messaging s...Read More

By: Mark Stern, BA | Keith Myrick

October Market Update

Tags: October Market Update

October 2022   Market Update   Despite higher borrowing costs, 5,038 homes sold in September, down from last year’s record levels. Sales took place in all areas with all types of homes throughout the GTA, bringing the average sale price year-to-date to $1,212,963, up 10.7% since the start of the year.   It’s confusing, isn’t it? Prices are supposed to be down but y...Read More

By: Mark Stern, BA | Keith Myrick

September Market Update Report

Tags: September Market Update Report

September 2022   Market Report With 5,627 homes sold, August marked a slight increase over July in terms of number of homes sold as well as the average sale price. The average sale price YTD is now at $1,224,216, compared to 2021’s average price of $1 095,339.    Before you start to celebrate that the recession is over and prices are starting to rise again, please don&rsquo...Read More

By: Mark Stern, BA | Keith Myrick

June Market Update

Tags: June Market Update

June 2022,   Dear Friend,   No surprises as the Toronto Real Estate Board released the May sales numbers. 7,283 properties sold and GTA Realtors listed 18,679 homes for sale. The year-to-date average sale price stands at $1,274,869, up 16.4% since the end of 2021.   Without a doubt, the increase in the mortgage rates has impacted some buyers at a psychological level, where they have...Read More

May Market Update

By: Mark Stern, BA | Keith Myrick

May Market Update

Tags: May Market Update

May 2022   Dear Friend,   The interest rate increases the Bank of Canada implemented in its goal of slowing inflation, had an immediate impact on the real estate market. Yes, it become more expensive to purchase a home, yes, it eliminated some buyers from being able to qualify for financing, but the greatest impact to the real estate market was psychological. Almost overnight it created ...Read More

By: Mark Stern, BA | Keith Myrick

April Market Update

Tags: April Market Update

April 2022 As expected, the spring market kicked off with10,955 homes sold, the third-best March and second-best first quarter on record. The average price in March was $1,299,894, bringing the year-to-date average to $1,299,591, up 18.6 % over the 2021 year-end average of $1,095,381. As we wrote in January, “Don’t panic”! Prices will continue to increase in 2022, (about 1...Read More

March Market Update

By: Mark Stern, BA | Keith Myrick

March Market Update

Tags: March Market Update

March 2022   Market Update   February ended with the Toronto Real Estate Board reporting the sale of 9,097 homes, the second-best February in the history of the Board. Entering February with a very low inventory of homes for sale meant that competition between buyers was strong and prices had nowhere to go but up. The average sale-price in February was$1,334,544 up from $1,242,760 in Jan...Read More

By: Mark Stern, BA | Keith Myrick

February Market Update

Tags: February Market Update

Market Update February 2022   No news is good news! The GTA real estate market had its second-best ever January of sales with 5,636 sales reported through the Toronto Real Estate Board MLS system. The lack of new properties for sale pushed up the average January price to $1,242,793, but don’t panic or celebrate, it’s just the statistics for 1 month. I do expect prices will in...Read More

January Market Update

By: Mark Stern, BA | Keith Myrick

January Market Update

Tags: January Newsletter

Market Update January 2022   The Toronto real estate market set several records in 2021; 121,712 homes sold, the highest average selling price of $1,095,475, the most Realtors ever (almost 63,000), and the least number of homes listed on the market (3,232). As I predicted, 416 condominium prices rebounded in 2021 with a 16.8% price increase to an average of $730,792, an affordable n...Read More

By: Mark Stern, BA | Keith Myrick

Market Report December 2021

Tags: Market Report December 2021

December 2021,     With 9,017 sales reported, November 2021 became not only the most active November in the history of the Toronto Real Estate Board, but also set a record for the highest average price, $1,163,323, up 21.7% over November 2021. The average sale price year to date as of the end of November is $1,092,212, up 17.5 % since the start of the year.   As we have been pr...Read More